Latest Special issue: Foreign Investment

Anticompetitive practices

The EU and Canada sign the Comprehensive Economic and Trade Agreement (CETA) setting out provisions relating to competition policy
Davies Ward Phillips & Vineberg (Toronto)
,
International Monetary Fund (Washignton)
What does CETA mean for EU and Canadian competition policy?* Introduction With the Comprehensive Economic and Trade Agreement (CETA) having finally been signed by the EU and Canada on October 30, 2016, it’s worth exploring what it says about competition law and policy and how it may impact (...)

The US Supreme Court clarifies the application of the Foreign Trade Antitrust Improvement Act (Motorola / AU Optronics)
Wolters Kluwer (Riverwoods)
Supreme Court Has Opportunity to Clarify Application of Foreign Trade Antitrust Improvements Act* Last week, the U.S. Supreme Court was asked, in parallel petitions, to resolve a split between the Seventh Circuit and the Ninth Circuit on the application of the federal antitrust laws to a (...)

Mergers

The German Government opposes a foreign investment in an electrical infrastructure due to security concerns (State Grid Corp / 50Hertz)
McDermott Will & Emery (Paris)
,
McDermott Will & Emery (Brussels)
,
McDermott Will & Emery (Brussels)
Non-EU inward investors in Germany should be aware of recent developments in German Government policy towards foreign investment in strategic infrastructure and security sensitive areas. Electricity infrastructure is an area that is particularly sensitive for strategic and security (...)

The Chinese MOFCOM releases a company from conditions previously imposed in an e-commerce merger (Wal-Mart / Yihaodian)
China Competition Bulletin (Beijing)
,
University of Melbourne
,
University of Melbourne
On 30 May 2016, the MOFCOM decided to release Wal-Mart from the conditions that it had imposed on Wal- Mart’s acquisition of Yihaodian in 2012. Wal-Mart had applied for release from these conditions in July 2015. When the MOFCOM conditionally approved Wal-Mart’s acquisition in 2012, the (...)

The US Committee on Foreign Investment publishes its annual report and reviews several national security aspects of increasing number of acquisitions by Asian companies
Freshfields Bruckhaus Deringer (Washington)
,
Freshfields Bruckhaus Deringer (Washington)
Parties to transactions that might implicate US national security interests may elect voluntarily to submit a notification to the Committee on Foreign Investment in the United States (CFIUS), the multi-agency committee charged with conducting national security reviews of acquisitions by foreign (...)

The Russian Competition Authority fines a fishing company for failing to notify a merger (Sogra)
Russian Federal Antimonopoly Service (Moscow)
Fishing company jumped the gun with buying* “Sogra” Fishing Company acquired 100% share of the authorized capital of “Magadanflot-2” without preliminary approval by the Government Commission for control over foreign investments in the Russian Federation. On 18th August 2014, the Federal (...)

The China Insurance Regulatory Commission partially relaxes mergers with new acquisition rules in the insurance sector expected to help facilitate market entry by expanding the footprint of private capital
AnJie Law (Beijing)
China Issues New Insurance Merger Rules* Level play ground, optimizing industry structure, promoting competitiveness, and enriching the risk management tool kit of the insurance institutes”, quoting a statement of CIRC posted on its website. Promotion of Competition CIRC’s partially relaxed (...)

The Chinese MOFCOM enforces telecoms regulations in anti-monopoly law merger review (Wal-Mart / Yihaodian)
Ingram Yuzek Gainen Carroll & Bertolotti (New York)
The notification for the Wal-Mart/Yihaodian transaction was submitted to China’s Ministry of Commerce on 16 December 2011. It was ultimately accepted on 16 February 2012 by MOFCOM after supplementation. At the expiration of the Phase III, or extended Phase II, period, on 13 August 2012, MOFCOM (...)

The Competition Authority of Bosnia & Herzegovina interprets the rules on mandatory notification of concentrations and reveals inconsistency between the Competition Act and the Merger Regulation
Faculty of Law - University of Macau
On 29 September 2011 the Competition Authority of Bosnia & Herzegovina (KV) issued an opinion in relation to the application of merger notification thresholds in cases involving foreign companies with or without presence on the domestic market. The KV’s opinion was prompted by the request (...)

The Chinese Ministry of Commerce publishes its measures on the implementation of security review of mergers and acquisitions of domestic enterprises by foreign investors
University of Melbourne
,
China Competition Bulletin (Beijing)
,
Institute of American Studies (Beijing)
The MOFCOM published the Measures on the Implementation of Security Review of Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (Measures) on 25 August 2011. The Measures are effective on 1 September 2011 and replace the Interim Measures on Relevant Matters Concerning the (...)

The Chinese State Council publishes a notice detailing its national security review procedure for the acquisition of domestic companies by foreign investors
Jones Day (Beijing)
,
Gibson Dunn (Hong Kong)
,
Jones Day (Beijing)
The State Council of the People’s Republic of China has published a notice detailing its national security review («NSR») procedure for the acquisition by foreign investors of domestic Chinese companies («NSR Notice»). The NSR Notice, which implements Article 31 of the PRC Anti-Monopoly Law, will be (...)

The Chinese Ministry of Commerce issues interim measures providing clarifications on key procedural issues of the national security systems and security review notifications
University of Melbourne
,
China Competition Bulletin (Beijing)
,
Institute of American Studies (Beijing)
The MOFCOM published the Interim Measures on Relevant Matters Concerning the Implementation of Security Review of Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (商务部实施外国投资者并购境内企业安全审查 制度有关事项的暂行规定) (the Interim Measures) on 4 March 2011. The Interim Measures were promulgated to (...)

The Chinese State Council publishes a circular on establishing a mechanism of security review of mergers and acquisitions of domestic enterprises by foreign investors
Pillsbury Winthrop Shaw Pittman (Shanghai)
,
Pillsbury Winthrop Shaw Pittman (Beijing)
On February 3, 2011, the PRC State Council (the “State Council”) promulgated the long awaited Circular on the Establishment of Security Review Mechanisms for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (《国务院办公厅关于建立外 国投资 者并购境内企业安全审查制度的通知》) (the “State Council SR (...)

The Chinese State Council establishes a national security review system for foreign takeovers
University of Melbourne
,
China Competition Bulletin (Beijing)
,
Institute of American Studies (Beijing)
The General Office of China’s State Council published the Circular on Establishing a Mechanism of Security Review of Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (《国务院办公厅关于建立外国投资者并购境内企业安全审查 制度的通知》) (the Circular) on 12 February 2011. The Circular was promulgated to guide the (...)

The Chinese State Council promulgates opinions on the promotion of mergers and the restructuring of enterprises
University of Melbourne
,
China Competition Bulletin (Beijing)
,
Institute of American Studies (Beijing)
China’s State Council promulgated the Opinions on the Promotion of Mergers and Restructuring of Enterprises (Opinions) on 28 August 2010 and published the Opinions on the Central Government website on 7 September. The Opinions state that certain industries and sectors in China have serious (...)

The Chinese MOFCOM reviews the first two years of implementing the merger control regime under the Anti-Monopoly Law Act 2007
University of Melbourne
,
China Competition Bulletin (Beijing)
,
Institute of American Studies (Beijing)
The Anti-Monopoly Bureau (AMB) of MOFCOM held a press conference on 12 August 2010 to review the first two years of implementing the AML merger control regime. Director General Mr Shang Ming introduced the enforcement and legislative work of the AMB and answered journalists’ questions. (...)

The Chinese Antitrust Authority denies the merger approval between a US leading soft drink and a Chinese juice manufacturer (Coca Cola / Huiyuan)
Jones Day (Beijing)
,
Jones Day (Beijing)
,
Winston & Strawn (New York)
Today the Chinese Ministry of Commerce (MOFCOM) announced that it had denied antitrust approval of The Coca-Cola Company’s proposed acquisition of a famous Chinese Juice manufacturer, China Huiyuan Juice Group Limited («Huiyuan»). MOFCOM’s decision to block the Coke deal, after its conditional (...)

The Chinese MOFCOM blocks the $2.4 billion acquisition of a leading Chinese juice producer by a foreign buyer (Coca-Cola / Huiyuan)
White & Case (Beijing)
,
Mattel (Hong Kong)
On March 18, MOFCOM announced that it had blocked Coca-Cola’s proposed $2.4 billion acquisition of China Huiyuan Juice Group, a leading Chinese juice producer. It is MOFCOM’s second reported merger decision under the recently enacted Anti-Monopoly Law (“AML”), which came into effect August 1, 2008 (...)

The Chinese MOFCOM prohibits for the first time since the entry into effect of the new Anti-Monopoly Law, a merger between a US soft drinks manufacturer and a Chinese juice producer (Coca-Cola / Huiyuan)
WilmerHale (Washington)
,
WilmerHale (Washington)
,
Kirkland & Ellis (Washington)
On March 18, 2009, China’s Ministry of Commerce (MOFCOM) announced that it had blocked Coca-Cola’s proposed acquisition of Chinese Huiyuan Juice Group Ltd. (Huiyuan) under Article 28 of China’s Anti-Monopoly Law (AML). This was MOFCOM’s first merger prohibition since the AML came into effect on (...)

The Chinese MOFCOM halts acquisition of a leading Chinese juice producer by a foreign buyer (Coca-Cola / Huiyuan)
Kastell (Stockholm)
,
Linklaters (Beijing)
On March 18 2009, the Anti-Monopoly Bureau of the Ministry of Commerce (MOFCOM) prohibited the acquisition by The Coca-Cola Company of the Huiyuan Juice Group. This is the first prohibition decision under the merger regime in Chinas new Anti-Monopoly Law which came into force on 1 August last (...)

The US DoJ issues a long-awaited proposed regulations to implement the Foreign Investment and National Security Act of 2007
Linklaters (New York)
On April 21, the US Department of the Treasury issued long-awaited proposed regulations to implement the Foreign Investment and National Security Act of 2007 ("FINSA"). FINSA was passed in the wake of several controversial foreign investment transactions that cleared the Exon-Florio national (...)

State Aid

The EU Commission opens an in-depth investigation into statutory rules exempting some financing incomes earned by foreign subsidiaries (United Kingdom)
Skadden, Arps, Slate, Meagher & Flom (Brussels)
,
Skadden, Arps, Slate, Meagher & Flom (London)
,
Skadden, Arps, Slate, Meagher & Flom (Brussels)
On 26 October 2017, the European Commission (the Commission) opened an in-depth investigation into UK statutory rules that exempt certain financing income earned by foreign subsidiaries of UK corporate taxpayers from UK tax. The Commission’s investigation will focus on whether the UK Controlled (...)

The EU Council signs a Free Trade Agreement with the government of South Korea containing a comprehensive deal on subsidies of any bilateral trade agreement
DG COMP (Brussels)
,
DG COMP (Brussels)
,
Kluge (Oslo)
"EU-Korea FTA: a stepping stone towards better subsidies’ control at the international level"* On 15 October 2009 a free trade agreement (FTA) between Korea and the EU, the EU’s first with a trading partner in Asia, was initialled. It is the most ambitious FTA ever negotiated by the EU, (...)

Procedures

The Russian Competition Authority fines a foreign company for failure to submit informations within a designated period (Linenhall Overseas)
Russian Federal Antimonopoly Service (Moscow)
FAS imposed a second fine upon a foreign company in two months* At the end of January 2015, the Federal Antimonopoly Service (FAS Russia) fined “Linenhall Overseas Limited” 500,000 RUB for failure to submit information within the designated period. The company is registered in British Virgin (...)

Regulatory

The EU Parliament establishes a bloc-wide framework for the screening by EU member states of foreign direct investment into the EU (FDI)
Morgan Lewis (Brussels)
,
Morgan Lewis (Brussels)
,
Morgan Lewis (Washington)
The European Parliament adopted a new regulation on March 19 establishing a bloc-wide framework for the screening by EU member states of foreign direct investment (FDI) into the European Union (the FDI Regulation). The FDI Regulation seeks to ensure a consistent framework throughout the (...)

The EU Council greenlights the regulation on the screening of foreign direct investments into the EU (FDI)
White & Case (Frankfurt)
,
White & Case (Dusseldorf)
,
White & Case (Frankfurt)
The European Council (“Council”) greenlighted the regulation on the screening of foreign direct investments into the EU (“Regulation”) at the beginning of March. Following its publication in the Official Journal on 21 March 2019, the Regulation will go live 20 days thereafter, i.e. on 10 April (...)

The EU Parliament and the EU Council establish a framework for the screening of foreign direct investments into the EU (FDI)
Jones Day (Brussels)
,
Jones Day (Frankfurt)
,
Jones Day (Paris)
On 21 March 2019, Regulation (EU) 2019/452 of the European Parliament and of the Council of 19 March 2019 establishing a framework for the screening of foreign direct investments into the Union (“FDI Regulation”) was published in the Official Journal of the European Union. The FDI Regulation (...)

The National People’s Congress of China adopts a Foreign Investment Law providing stronger protection and a better business environment for foreign investors
AnJie Law (Beijing)
On March 15, 2019, China’s national legislature, the National People’s Congress passed the Foreign Investment Law (the “Law”), a landmark legislation that will provide stronger protection and a better business environment for foreign investors. The Law will take effective on January 1, 2020. Upon (...)

The National People’s Congress of China adopts a new foreign investment law
White & Case (Beijing)
On March 15, 2019, the National People’s Congress of China adopted the new Foreign Investment Law (“FIL”), with a view toward unifying and streamlining the foreign investment framework in China. The FIL will come into effect on January 1, 2020. The FIL creates a general framework that will place (...)

The French and German governments publish a joint manifesto calling for a new European industrial policy with changes to merger control and State aid rules
Van Bael & Bellis (Brussels)
On 19 February 2019, the French Minister of Economy, Mr Bruno Le Marie, and the German Minister of Economy, Mr Peter Altmaier, published a joint manifesto which calls for the development of a European industrial policy to ensure the global competitiveness of European manufacturing industries. (...)

The EU Parliament, the EU Council and the EU Commission agree on a framework for the screening of foreign direct investments on the grounds of security or public order (FDI)
McDermott Will & Emery (Brussels)
,
McDermott Will & Emery (Paris)
,
McDermott Will & Emery (Brussels)
EUROPEAN PARLIAMENT, COUNCIL AND EC PROPOSE EU FRAMEWORK FOR FOREIGN DIRECT INVESTMENT SCREENING On 20 November 2018, the European Parliament, the Council and the EC agreed on a framework for the screening of foreign direct investment (FDI) on grounds of security or public order. This new (...)

The EU Commission and the EU Council discusses enhancements of national security screening of foreign direct investment (FDI)
Cohen & Gresser (United Kingdom)
,
Dechert (Washington)
,
Dechert (Brussels)
The EU has agreed in principle on a strengthened framework to ensure that foreign investment does not threaten security and public order, while keeping the EU open to foreign investment. The draft FDI Regulation does not go as far as introducing an EU screening mechanism whose decisions are (...)

The EU Commission proposes a new regulation that would allow the Commission and Member States to adopt rules for screening foreign direct investment (FDI)
Van Bael & Bellis (Brussels)
On 14 September 2017, the European Commission proposed a new regulation to allow the Commission and the Member States to adopt rules for screening foreign direct investment (“FDI”) in the EU that raises concerns on grounds of security or public order (the “Proposal”). The Proposal aims to (...)

The US FTC and DOJ issue revised antitrust guidelines for international enforcement
Weil, Gotshal & Manges (Washington)
,
Weil, Gotshal & Manges (Washington)
,
Weil, Gotshal & Manges (Washington)
Revised Antitrust Guidelines for International Enforcement and Cooperation issued by FTC and DOJ* On January 13, 2017, the DOJ and FTC jointly issued final updated Antitrust Guidelines for International Enforcement and Cooperation (Updated International Guidelines), which replace the 1995 (...)

The US FTC and the DOJ publish the proposed antitrust guidelines for International Enforcement and Cooperation
Jones Day (Cleveland)
,
Jones Day (Washington DC)
,
Jones Day (Washington DC)
The Federal Trade Commission and the Department of Justice have published for public comment proposed Antitrust Guidelines for International Enforcement and Cooperation ("2016 Proposed Guidelines"). This would be the third iteration of international enforcement guidelines, following the (...)

The Mexican Parliament adopts sweeping telecom reforms aiming at cracking down dominant operators and induces significant reforms on competition law and agency
Creel García-Cuéllar Aiza y Enríquez SC
,
Chanel (Paris)
On June 11th, 2013, a significant amendment to the Mexican Constitution known as “the new Telecommunications Act”, which also significantly impacts the competition regime, was enacted, and will enter into force on June, 12th. The amendment is seen as resulting from the "Pact for Mexico", entered (...)

The three Chinese agencies responsible for enforcing the Anti-Monopoly Law issue a joint enforcement draft opinion on the policy statements regarding Chinese foreign investment
Sheppard Mullin (Beijing)
Is China Giving Carte Blanche for Anti-Competitive Conduct by PRC Companies Doing Business Overseas?* PRC companies should be careful not to interpret as carte blanche for anti-competitive behavior a recent policy statement by the Chinese government encouraging PRC companies to coordinate (...)

The Chinese MOFCOM publishes the final rules on the national security review of foreign investment in national companies
Jones Day (Beijing)
,
Gibson Dunn (Hong Kong)
,
Jones Day (Beijing)
China has published new rules to implement the national security review that will be conducted as part of the review of mergers and acquisitions by foreign investors and involving Chinese companies. These rules provide for review and potential rejection of acquisitions of Chinese companies by (...)

The Russian Parliament issues a new federal law on foreign investments in companies having strategic importance for state security and defence (Federal Law n° 57-FZ)
Donner & Partner (Waiblingen)
The new Federal Law of the Russian Federation on Foreign Investments in Companies Having Strategic Importance for State Security and Defence, n° 57 - FZ (new law), signed by then - president Vladimir Putin on April 29, is effective from 7 May 2008 in Russia. In brief, the law will require (...)

The National People’s Congress of China adopts a new Anti-Monopoly Law implementing wide ranging reforms across Chinese antitrust and merger controls
Jones Day (Beijing)
,
Jones Day (Beijing)
,
Winston & Strawn (New York)
China’s National People’s Congress (« NPC ») finally adopted a new Anti-Monopoly Law (« AML ») in August after more than 10 years of drafting. The law will take effect on August 1, 2008. I. Overview The new AML is a tremendous leap forward for China, bringing it squarely into the modern world of (...)

Tous les numéros

  • Latest News issue 
  • Tous les News issues
  • Latest Special issue 
  • Tous les Special issues